Have you ever said to yourself, “Well, I can think of a better way to do that” and then actually done something about it? If your answer is yes, than I can say you are close to be an entrepreneur. This is what I like most about entrepreneurship. In entrepreneurship, you are free. You have no limits. You can be as much as creative as you want. This is what I want from life. Having no limits. Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem. I think an entrepreneur is commonly seen as an innovator — a generator of new ideas and business processes. Management skill and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs. Political economist Robert Reich considers leadership, management ability, and team-building to be essential qualities of an entrepreneur.
I have high goals and to achieve them, I should have high limits. I guess I have a wild mind with wild interests and will to achieve things. I always have different ideas, I call them “million-dollar-ideas”. Imagination is everything for entrepreneurship. I like to focus on how innovative new products and services are developed and how entrepreneurs think and make decisions. I want to learn more how they form strategies, and how they organise their activities and operations to grow into successful and profitable businesses. “Entrepreneurship can be emotionally demanding because you must make a personal commitment …that you will create value or improve social conditions.” said Stephen Spinelli, Jr., professor and director in Babson College. I couldn’t agree more. I believe that I may not be there yet but I’m definitely closer than I was yesterday. So, everything I do in a day, every minute I spend, I invest to my future. We need knowledge and skills to create value through recognizing and developing opportunities. In addition to feasibility analysis and business planning, you should know about topics of innovation, opportunity recognition, technology transfer, industry analysis, and competitive strategy.
There are certain factors that may predict entrepreneurial success include the following:
Market, Business-to-business or high growth market
Industry, Growing industry, high technology impact on the industry, low capital intensity
Team, Large, diverse venture team, not individual entrepreneurs, graduate degrees, management experience, motivated by high profits, not independence
Company, Written business plan, activity focused on a single product or service, competition based on a dimension other than price, early, frequent and intense marketing
There is also some predictors of entrepreneurial failure include the following:
- Low Business Acumen, failing to add value in consumers’ lives.
- Jack of all Trade, doing what everyone is doing and not doing what one can do the best.
- Short-sightedness, failing to create long lasting solutions for today’s vices.
- Extravagance, satisfying unnecessary wants and misuse of resources at hand.
- Insecurity, not building an efficient team